Russia, China agree to develop energy cooperation based on market principles
MOSCOW. May 16 (Interfax) - Russia and China have agreed to develop cooperation in the energy sector based on market principles, the two countries said in a joint statement on deepening their comprehensive partnership and strategic cooperation for a new era on the occasion of the 75th anniversary of the establishment of diplomatic relations between Russia and China.
The document was signed during Russian President Vladimir Putin's state visit to China.
"The parties see practical cooperation between Russia and China as an important factor for promoting the socio-economic development and prosperity of the two countries, ensuring the national economies' modernization, technological progress and sovereignty, improving citizens' wellbeing, and maintaining the stability and sustainability of the world economic system. They reaffirm their readiness to contribute to mutually beneficial inclusive economic globalization. The parties note with satisfaction the consistent development and positive results of Russian-Chinese practical cooperation in all areas, and reaffirm their readiness to continue deepening multifaceted cooperation and close coordination based on the principle of mutual benefit, jointly overcome external challenges and adverse factors, and boost the effectiveness of bilateral cooperation in the interests of its stable and high-quality development," the statement said.
To this end, they agreed, among other measures, "to continue strengthening the Russian-Chinese strategic partnership in the energy sector and develop it at the high level in the interests of ensuring the two countries' economic and energy security, seek stability and sustainability on the global energy market, bolster production and supply chains in the fuel and energy sector, develop cooperation in oil, natural gas, liquefied natural gas, coal and electricity based on market principles, ensure the stable functioning of the relevant cross-border infrastructure, and create conditions for the unhindered transportation of energy resources," it said.
According to the statement, Russia and China also agreed "to provide assistance to large joint energy projects implemented by Russian and Chinese enterprises and to deepen interaction in promising areas such as renewable energy sources, hydrogen energy and carbon unit markets."
"The parties are strongly committed to developing an open, inclusive, transparent and non-discriminatory multilateral trade system based on the rules of the World Trade Organization (WTO)," the statement said.
"The parties stand ready to strengthen cooperation within the WTO, promote the organization's reforms, including efforts to reinstate a fully functioning dispute resolution mechanism, and facilitate the implementation of the results of the 13th Ministerial Conference. The parties are opposed to politicizing international economic relations, including activities by multilateral trade, financial, energy and transport organizations that provoke the fragmentation of global trade and the growth of protectionism and unfair competition," it said.